Abbey has increased its mortgage lending by more than 10% since last year.

Despite the slowdown in mortgage lending, which is at its lowest level in terms of new mortgages since January 1999, Abbey has increased its share of net lending in the UK mortgage market to 15.9%, up from 4.9% a year ago. This signals the bank’s intention to grow its market share while many of its competitors struggle amid the credit crunch.
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Vernalis’s decision to undergo major restructuring is a direct result of the non-approval of the company’s sNDA submission for Frova, for the treatment of menstrual migraine. A successful application had been anticipated to double the revenue potential of Frova.

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The head of BP in Poland has announced that the company will continue to expand its presence in the country, with a particular focus on the motorway sector. This is likely to be a shrewd decision; the strong growth in fuel sales in Poland, as well as the large motorway construction projects currently underway, means that the market is full of opportunities for fuel retailers such as BP.

The CEO of BP’s Polish division, BP Polska, has vigorously denied rumors that the fuel retailer is to pull out of the Polish market, a move that would have provided the opportunity for GazpromNieft and Lukoil to purchase BP’s service station network. Instead, BP has reinforced its commitment to growing its footprint in Poland and has stated that it expects its revenues from the area to continue increasing in the future.
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The Broker Network has announced that following a recent wave of new enquiries, it has added commercial lines broker Spedding Goldthorpe to its network; and acquired RLS Insurance Brokers for its retail division. As brokers gravitate towards such ways of increasing their collective power and ability to maintain high commission rates, insurer margins will continue to be squeezed.

The Broker Network has continued to pursue its stated intentions of growth through recruitment and acquisition by announcing not only the addition of independent insurance broker Spedding Goldthorpe to its burgeoning ranks of brokers, but also the purchase of RLS Insurance Brokers to sit within its Broker Network Insurance Brokers retail division. Continue reading “The Broker Network: targeting expansion” »

In order to draw more female customers to its Q8 petrol stations in Denmark, Kuwait Petroleum is investing in cleaner stations and healthier food options for its shops. The move to improve service stations is a logical one. Indeed, as well as making the fuel outlets more appealing to women, the measures being taken are likely to please all customers.

Kuwait Petroleum has chosen to make investments aimed at increasing the number of female consumers visiting its petrol stations in light of evidence which shows that women’s spend in forecourt shops is significantly lower than that of men.

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The shares of Visa, the largest card company in the world, have been floated on the New York Stock Exchange and, as a result, banks that have issued Visa cards will receive shares worth millions of dollars. For Australian institutions, this injection of funds, although one-off in nature, will be warmly received at a time when banks are facing a liquidity squeeze. Visa’s decision to follow in the footsteps of smaller competitor MasterCard, which was listed in 2006, has resulted in the largest IPO ever recorded, raising $17.9 billion (A$19.4 billion).

As Visa is owned by a consortium of the banks that issue Visa cards, the public listing of Visa means that shares will be disbursed to the constituent banks in proportion to the number of cards issued. The banks can then keep the Visa shares or sell them on the market as they see fit. While the benefits of this listing will be felt by banks around the globe, not least those in the US, Australian banks are also set to reap substantial bonuses.

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The Brazilian government has proposed a scheme whereby it would offer an environmental seal of approval for its biofuel exports. While this is a response to possible punitive measures against current production methods, the certification scheme provides an innovative approach to the biofuels problem, and offers fuel retailers a means of differentiating themselves from their competitors.

In order to counter the dwindling support for biofuels, Brazil, the world’s largest exporter of the alternative fuel, has proposed the creation of an environmental seal of approval for its ethanol exports. The seal would provide importers with a guarantee that the biofuels have been produced in an ethical manner while following the strictest environmental regulations.
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The ACEA has announced that over 50% of cars sold in Europe in 2007 had diesel engines.

Diesel cars accounted for over half of new car registrations in 2007. With fuel prices expected to stay high for the foreseeable future, the growing preference for diesel cars is likely to continue. However, while there is a general trend towards diesel cars in Europe, this is not necessarily the case in other markets. Fuel retailers with networks across borders need to take this into account.
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H&M has acquired 60% of Fabric Scandinavien. Besides allowing H&M to leverage its scale through the Swedish retailer’s fashion chains, Weekday and Monki, H&M can also exploit the success of its acquisition’s fashion brand, Cheap Monday. With its trendy, fashion-driven style, H&M will be keen to develop the brand further, building on recent efforts to improve the retailer’s fashion credentials.
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Cadbury has announced the date for the de-merger of its US soft drinks arm. After nearly a year of deliberation, Cadbury has finally announced a date for the de-merger of its US soft drinks arm, American Beverages. Although it appears to make sense to separate this group from the company’s confectionery operations, the separation could leave Cadbury vulnerable to a takeover, which its turnaround plan may be unable to prevent.

The de-merger, which was first announced as a possibility back in March 2007, will now take place in May and will see the creation of Dr Pepper Snapple Group as a separate entity with a listing on the New York Stock Exchange and its own management team. The confectionery arm is to be renamed Cadbury plc and will be listed in London.
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